MTN Rwanda has spent the USD100 million it had earmarked for the improvement of its operations during 2009, local daily the New Times reports.
According to the company's CFO Richard Tusabe, MTN would have spent more had it not been for the lack of liquidity during the year. 'There have been huge hindrances this year, like the unwillingness for the banks to loan money to the public hence borrowing some from abroad,' he commented.
MTN raised USD18 million of the investment budget from local banks and USD30 million from German bank KfW IPEX-Bank. Tusabe added that the cellco invested 70% of the funds in growing the company in 2009, while 11% of the total was spent on improving and expanding its network in rural areas.
Compared with this year's large investment, the firm spent USD40 million in 2008 and expects to invest less than USD50 million next year.